With theatres in most countries being shut down in the wake of Coronavirus concerns, and even those that are open clocking drastically low attendance, Universal Pictures has taken the decision to release its movies on OTT platforms on rental basis, so that homebound viewers can rent them for 48 hours and watch them in the safety of home. It will release its first batch of movies that are still playing in the theatres on Friday, 20th March. The Hunt, The Invisible Man and Emma are the first three movies that will be launched in the VOD/OTT space as of now.
Universal Pictures has also decided to premiere its upcoming movie, Trolls World Tour, on digital platforms on rental basis, simultaneously with its release in theatres on 20th April, its original release date.
Universal Pictures reckons that this is the better way forward to cope with theatre shutdowns and reduced footfalls than to delay the release of the movies indefinitely. Most importantly, the cost for renting out a movie for 48 hours will work out to be almost the same as ticket prices in theatres as per the region.
NBCUniversal CEO Jeff Shell gave the following statement to the media regarding the aforementioned decision, “Rather than delaying these films or releasing them into a challenged distribution landscape, we wanted to provide an option for people to view these titles in the home that is both accessible and affordable. We hope and believe that people will still go to the movies in theaters where available, but we understand that for people in different areas of the world that is increasingly becoming less possible.”
Countries like Italy, France, Spain and Czech Republic are under complete lock down, while other countries like India has ordered compulsory closure of theatres across the country. The USA and Canada haven’t shut down the theatres as yet, but crowds are staying away of their own accord.
In such a scenario, it is good business sense to release big budget movies on OTT for rent.
Watch this space at Binged.com for fresh information on this story.
We’re hiring!
We are hiring two full-time junior to mid-level writers with the option to work remotely. You need to work a 5-hour shift and be available to write. Interested candidates should email their sample articles to [email protected]. Applications without a sample article will not be considered.